The Series-E round, which has also seen participation of growth-stage public investors, whose names were not disclosed, along with Sapphire Ventures, also an existing backer of the Palo Alto and Bengaluru-based company, values the seven-yearold venture at $1.95 billion.

“Lightspeed has been an early backer of ThoughtSpot, and in fact, we had practically incubated the company in their offices. They have participated in every round so far… This is a completely primary round,” Singh, executive chairman and cofounder of ThoughtSpot, told ET.

According to the IIT Kanpur and IIM Calcutta alum, the initial plan was to raise about $150 million, but a combination of market opportunities and the recent consolidation that has taken place in the broader business intelligence sector, including Salesforce’s $15.7 billion acquisition of Tableau in June this year, saw the ThoughtSpot financing round oversubscribed.

The fresh financing comes about 15 months after the company had closed $145 million in funding in May last year, with Sapphire Ventures and other global investors joining its investor cap table, post which it commanded a valuation of about $1 billion. Till date, Thought-Spot has raised $554 million in financing.

According to Singh and Sudheesh Nair, the chief executive of ThoughtSpot, a chunk of the proceeds from the latest round of fund raising will be utilised towards research and development, a significant portion of which is generated out of India.

“As a growth-stage company, we want to be really fiscally disciplined. Therefore, we have set a goal of having more than 50% of our R&D come out from Bengaluru, which should happen by the end of next year,” Nair told ET.

ThoughtSpot’s Bengaluru R&D centre, which was set up in 2017, has about 100 employees, focused on product building, serving clientèle across geographies. Additionally, Asia’s third-largest economy has also emerged as a new, but growing market for the company, particularly in the solutions implementation space.

“We started our Asia-Pacific operations about seven months ago, and are looking at Japan, Australia, Singapore and India, where we want to have customers. Our plan for India is to focus on top enterprises based there, which are also globally extremely competitive,” Singh said.